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Chery looking at bringing in Arrizo 6, Ant EV

Chery Arrizo 6 — PHOTO FROM CHERYINTERNATIONAL.COM

CHERY AUTO PHILIPPINES, local distributor and service provider for the Chinese automotive brand, has been known for its crossover/SUV products, particularly its line of Tiggo-branded vehicles. That’s well and good, but the firm doesn’t want to confine itself to the genre.

In an exclusive interview with “Velocity,” company president Errol Dueñas said, “We’re planning to bring in sedans, but we’re carefully assessing the market first. There are a lot of players in that segment, and we need to assess pricing carefully.”

The first sedan that Chery is looking to bring in is the Arrizo 6 — in both conventional ICE and hybrid guises. Powered by a turbocharged 1.5-liter “high-efficiency” engine, the Arrizo packs 147ps and 210Nm. Based on the company website, the power plant allows the sedan to muster up to 15.6 kilometers per liter — certainly welcome news for motorists looking for relief from surging fuel cost. Another electric model in the mix for Chery Auto Philippines, according to Mr. Dueñas, is the Chery Ant crossover.

And that’s probably the underlying theme that the auto brand is also pushing with “The World of Luxury” roadshow it kicked off recently at the SM Aura Premier in Bonifacio Global City, Taguig. The star of the “bespoke experience” is Chery’s all-new flagship Tiggo 8 Pro. Coming in two powertrain choices — a 1.6 turbocharged gasoline direct injection, and a plug-in hybrid electric vehicle (PHEV), both showcase a more upmarket feel and a considerable range of tech goodies and touches.

The Tiggo 8 Pro has an Advanced Driver Assist Systems (ADAS) with 12 safety functions, including Rear Cross Traffic Assist, Blind Spot Detection, Autonomous Emergency Braking, Door Opening Warning, Forward Collision Warning, Adaptive Cruise Control, Lane Keeping Assist, Traffic Jam Assist, Integrated Cruise Assist, Intelligent High-Beam Control, Lane Departure Warning, and Speed Limit Sign Recognition. The model also comes with the brand’s Premium Preserv warranty package — a seven-year engine warranty, seven-year general warranty, three-year full preventive maintenance service, and three-year roadside assistance.

In April, Chery Auto Philippines reported a 143% increase in sales versus the same month last year, along with a “best-ever” monthly figure.

Mr. Dueñas shared that the Tiggo 8 Pro, specifically the 1.6-liter variant (priced at P1.645 million) was the brand’s best-seller last month, outpacing the Tiggo 7 Pro which previously held the honor.

All the attention accorded the Tiggo Pro 8 is also a way for Chery to highlight its first PHEV, priced P2.45 million. Out of the 20 dealerships the company has thus far, 12 are equipped to sell and service the model. The executive observed that more people are starting to look at electrified vehicles anyway — driven by both the aforementioned fuel cost, coupled with a genuine curiosity at going greener. “At our road show, a lot of people have already been inquiring about our PHEV. That’s a good sign,” he underscored. The first batch of Tiggo 8 Pro PHEVs numbering 20 are close to being sold out.

It makes sense, Mr. Dueñas stressed, as people are definitely on the lookout for more frugal alternatives. Based on the company’s testing here, the PHEV can run 75 to 90 kilometers solely on electricity. On long drives, the bottom line figure is 30 kilometers per liter of fuel. “People can still get a little worried when they travel on purely electric vehicles. There’s no range anxiety in PHEVs.”

Chery’s “The World of Luxury” will make stops at SM Megamall, Eastwood City, Estancia, SM City North EDSA, SM Mall of Asia, Lucky Chinatown, and Glorietta. Mr. Dueñas said that legs in Visayas and Mindanao are also being scheduled, with stops in Davao, Cebu, and Cagayan.

For more information, follow Chery Auto Philippines on Facebook and @cheryautophilippines on Instagram or e-mail chery@uaagi.com. The 24/7 Chery Auto Philippines hotline is 0917-552-4379. — Kap Maceda Aguila

Collaborative collection suggests vacations

PUFF sleeves, polka dots, ruching, and pleats are the new look for Plains & Prints collaboration with designer Rosanna Ocampo.

The Plains & Prints x Rosanna Ocampo Collection features 11 pieces, consisting of three tops, four dresses, three coordinates, and one set of bottoms. They are executed in an embroidered fabric with a pattern of dots, as well as eyelet fabric. The color palette reminds one of vacations: soft neutrals, lavender, and a bluish green reminiscent of the sea.

“These pieces that I’ve designed, I really hope will transport you,” said Rosanna Ocampo during an event in Makati last Thursday. “What I want to be is to [become] part of a core memory.”

Plains & Prints has always collaborated with artists and other designers, such as Rhett Eala and Mark Bumgarner. This is their second time working with Ms. Ocampo, who joined a collaboration with them with 13 other creatives a few years ago. “We love her energy. We love her enthusiasm and her creativity in making this collection,” the company’s founder Roxanne Farillas told BusinessWorld.

Plains & Prints first opened in 1994 in the Greenhills Shopping Center. Since then, it has evolved and can now be found in most major shopping centers in the country. During the height of the COVID-19 pandemic, Ms. Farillas said that the company adjusted by coming up with new products such as “multipurpose outerwear” and masks. “Plains & Prints didn’t stop catering to the needs of consumers,” she said.

The pandemic also forced many companies to shift and invest in their online operations. Despite the problems they faced during the pandemic, shifting online was not an issue for the brand. “Prior to the pandemic, we had online businesses nine years ago. When the pandemic came, we’re very proud to say that we were ready,” she said.

To this day, Ms. Farillas takes pride in the fact that 90% to 95% of the brand’s production is done within the country. According to her, some work is outsourced to China due to a lack of machinery. “I think it’s a social responsibility to make sure that you give jobs to Filipinos,” she said. “If you put it all in China, India, Vietnam, what will happen to our industry? We don’t want the garment industry to die.” — Joseph L. Garcia

India summer-sown crop planting lags, raises output concerns

REUTERS

MUMBAI — Farmers in India have fallen behind in planting key summer-sown crops such as rice, corn and soybeans due to the uneven distribution of monsoon rainfall, although they could recover ground in the coming week if there is enough rain.

As of July 8, 40.67 million hectares had been planted with summer crops, some 9.3% less than a year earlier, according to the Ministry of Agriculture & Farmers’ Welfare.

The planting of summer-sown crops takes place in the monsoon months of June and July, while harvesting starts in October. Some 7.2 million hectares had been planted with rice, well down from 9.5 million hectares in the previous year, the ministry said.

“Rainfall deficit is quite high in eastern rice growing states. Area and yield could fall if these areas don’t get ample rainfall in next few days,” said a Mumbai-based dealer with a global trading firm.

India has received normal rains since the start of monsoon season on June 1, but key rice producing regions have received as much 46% less rainfall than the normal.

In July, the most crucial month for planting of summer crops, India is likely to receive monsoon rainfall between 94% and 106% of the long-term average, the weather department said last week.

In southern and central states sowing has gained momentum in the past few days after this region received good rainfall, the dealer said. India is the world’s biggest exporter of rice, and accounts for more than 40% of the global rice trade.

A reduction in output could prompt New Delhi to curb rice exports. Some 5.4 million hectares were planted with soybeans, 22% less than a year ago.

Corn was planted on 3.18 million hectares, and was down 24%. Sugarcane and cotton planting were almost unchanged at 5.3 million hectares and 8.5 million hectares respectively. — Reuters

Foodpanda boosts support for delivery riders

FACEBOOK.COM/ FOODPANDAPHILIPPINES

ONLINE quick commerce platform foodpanda Philippines has ramped up its support to its partner delivery riders amid the higher inflation rate and fuel prices.

The platform said it partnered with the providers of fuel brands Seaoil, Caltex, Phoenix, and Unioil to offer exclusive discounts to foodpanda delivery riders, adding that it assisted the riders in enrolling in the national government’s fuel subsidy program.

“Since the onset of fuel price hikes earlier this year, we’ve already started coming up with programs and initiatives to assist our riders. Now that we’re facing an even bigger challenge, we’re ramping up our efforts even more to be of greater help to them,” foodpanda Philippines Operations Director Patricia Jacinto said in a recent statement.

Further, Ms. Jacinto said that foodpanda Philippines is also giving special incentives based on accomplished tasks to help augment the income stream of its delivery riders.

“We have been heavily investing in incentives they can get from accomplishing particular milestones or ‘quests.’ We have also recently started offering what we call ‘Bamboo Rewards.’ For every successful order they complete, ka-Panda riders get to earn bamboos in-app which they can redeem later for various items like merchandise, electronics, vehicle accessories, vouchers, and more,” Ms. Jacinto said.

The platform also allows customers to tip foodpanda’s delivery partners in which the full amount goes to the accounts of the riders.

“Since the beginning of the year, we’ve done awareness campaigns to inform and encourage our customers to tip their riders, whether through the app or in cash, to support the riders during these tough times especially if they feel the riders have done a good job with their order,” Ms. Jacinto said.

In addition to the support, the platform said it has also linked their partner riders to basic healthcare benefits, provided insurance protection, and offered telemedicine services.

Meanwhile, Ms. Jacinto said that foodpanda is monitoring the situation faced by its delivery riders.

“We hear their calls for actions loud and clear. In fact, in the past weeks, we have been reaching out and communicating with them to answer their questions,” Ms. Jacinto said.

“Our teams will continue to be available on-ground in case our rider fleet has any concerns they want to discuss, including those that they might not have mentioned in our regular surveys with them,” she added. — Revin Mikhael D. Ochave

LausGroup to continue partnership with Hyundai

PHOTO FROM HYUNDAI MOTORS PHILIPPINES

THE LAUS Hyundai Group of the LausGroup of Companies (LGC) said it will continue to partner with Hyundai for its passenger cars, as the business is now overseen by Hyundai Motors Philippines (HMPH).

The Pampanga-based conglomerate, together with HMPH, reaffirmed a commitment to further improve customer satisfaction and service across the Laus Hyundai Group dealerships located in Baliuag, Bulacan, Dagupan City, La Union, and Ilocos Norte. The Laus Hyundai Group has been in operation since 2005.

Said LGC Chief Executive Officer Lisset Laus-Velasco, “The LausGroup is very excited for this longstanding partnership with Hyundai as we continue to share the passion for cars and customer care that both of our brands have been known for.”

Joined LGC Executive Director Diorella Laus, “We are very excited to showcase the newest vehicles in Hyundai’s lineup and make them more accessible to our customers in our Laus Hyundai Group dealerships in North and Central Luzon. We look forward to working with Hyundai to continue what we have started to bring satisfaction to our loyal customers.

The Laus Hyundai Group is also a distributor of Hyundai commercial vehicles (trucks and buses).

Style (07/11/22)

“Sintas,” last year’s winning entry by Raccquel Eliserio. — PHOTO BY LISA LORENZO

Piña weaving tilt highlights HABI fair

THE COUNTRY’S premier piña weaving contest is back and will be one of the highlighted activities during HABI Philippine Textile Council’s Likhang Habi Market Fair, slated for Oct. 14-16. The annual competition seeks to encourage piña weavers to keep to their traditional craft, continue creativity in weaving, and innovate their piña weaving techniques. The 5th Lourdes Montinola Piña Weaving Competition will give out three major cash prizes: P50,000 for the first-place winner; P30,000 for second; and P20,000 for third. Interested parties may call HABI: The Philippine Textile Council at 0921-849-6974 or send an e-mail to support@habiphilippinetextilecouncil.com for more information.

COS x Lea Colombo collaboration

CAPE Town-born photographer and artist Lea Colombo collaborates with COS this July. The COS × Lea Colombo is a mood-boosting limited-edition collection. The collection showcases three exclusive prints on warm-weather staples for men and women, including T-shirts, shirts, dresses, and accessories. The Capsule Collection is available at COS SM Aura Premier for a limited time only.

Montblac uses softer leather

LUXURY leather goods brand Montblanc introduces the new Meisterstück Selection Soft Collection, which features assorted accessories made with a new softer leather. The collection includes hybrid bags, messenger and sling bags, pouches, and wallets. All the leather pieces are designed for maximum style and day-to-day functionality. Montblanc is available at Rustans Makati, Rustans Shangri-La, Rustan’s Cebu, Greenbelt 5, City of Dreams and Resorts World Manila.

adidas Pride Pack and community festivities

CELEBRATING Pride Month, adidas Philippines launched its new Originals collection and local initiatives focused on recognizing the Filipino LGBTQIA+ community. Its latest Pride Collection was done in collaboration with Australian queer artist and designer, Kris Andrew Small. Celebrating Pride 2022, the collection is inspired by 1970s and ’80s pop art and graphic design. On June 29, the brand, along with the adidas Runners Manila and its sub-group Limitless, which focuses on creating a safe space for the LGBTQIA+ community, held the adidas Pride Run in Bonifacio Global City. The brand also hosted the “I’m Possible and Proud” socials night, a culminating event held at the Modeka Art Gallery in Makati. The event held a panel discussion joined by prominent members of the community. The Pride collection in partnership with Kris Andrew Small is available online via adidas.com.ph and the adidas app, and in select adidas stores.

Uniqlo holding jeans live station

JAPANESE global apparel retailer Uniqlo is launching its newest lineup of high-quality, innovative, and sustainable jeans. The jeans are made following the BlueCycle process, which eliminates the need for large amounts of water and manual labor used to get that faded, worn-in look in jeans. Uniqlo will hold its next Live Station — entitled “Uniqlo Jeans for Everyone” — where viewers can shop for jeans in real-time on UNIQLO.com or the Uniqlo App in July. Viewers would be able to engage with guest personalities, and the Uniqlo team, as the session shows various ways to style the jeans lineup.

Filipina launches at Fashion Week San Diego

FILIPINA artist and 2020 Fashion Week San Diego (FWSD) Top Designer Bea Cruz has launched her latest collection at Fashion Week San Diego in California. Labeled “Bright Young Things,” a nod to the 1920s phrase that means young ones, the 20-piece series encapsulates one of the most glamorous decades in the history of fashion. Ms. Cruz is a 23-year-old designer from Victorias City, Negros Occidental, who honed her creative talent under the Fashion Design and Merchandising Program of the De La Salle-College of Saint Benilde School of Design and Arts.  She first turned heads by clinching the Art & Beauty Behind Fashion Team award at the 14th International Virtual Art Renewal Center (ARC), the realism art competition hosted by auction house Sotheby’s New York. She was the youngest representative at the event and the sole Filipino. Ms. Cruz’s international debut at the 2020 FWSD likewise bagged the Top Designer title for Vivirá, a 10-piece autumn series which brought a new dimension to the classic Filipino baro’t saya, panuelo, and barong.

Rustan’s Frequent Shopper Program exclusives

THIS season, existing members of Rustan’s Frequent Shopper Program (FSP) can earn five times the FSP points on all regular priced items (excluding sale tag items) across Rustan’s branches from July 15 to 17. Meanwhile, new customers can also download the FSP app and register as a new member within the promo month. As an exclusive perk, they will receive a free FSP card and 20,000 FSP points. Rustan’s will continue giving special discounts until July 31. Kid’s fashion brand OshKosh and Carters are now offering 10% off on all regular-priced items. Shoppers may also avail themselves of a free Havaianas kit with every purchase of two regular-priced pairs at Rustan’s Makati, Shangri-La, Alabang and Gateway Mall. Until July 31, shoppers will get discounts of 10% to 20% at Calvin Klein Underwear, Polo Ralph Lauren, Michael Kors, Anne Klein, and Salvatore Ferragamo. Other freebies include umbrellas and a packable tote from DKNY. For women, Vendome will be offering 10% off on all regular-priced items available at Rustan’s Makati, Shangri-La, and Cebu. There are also mid-month promos (from July 15-31) at Roberto Coin, Damiani, Marco Bicego, and Mikimoto. Customers will receive a cosmetic pouch with samples, including Estee Lauder Advance Night Repair, for every purchase of P100,000 worth of regular items from these select Silver Vault brands. Montblanc offers complimentary red pouch gift wrapping for every purchase of P15,000 worth of regular items. Its complimentary Cleaning Service, known as the “Care Session,” is now extended to all FSP Members from July 16-31. Take home skincare freebies such as beauty kits, mini samples, and totes from brands like Sisley, Anastasia Beverly Hills, Perricone MD, Murad, Neal’s Yard, L’Occitane, Nars, Laura Mercier, Dolce & Gabbana, Issey Miyake, Narciso Rodriguez, and Estee Lauder. Sign up for the MAC community and get a free touchup for two (including a free sample). Bobbi Brown, on the other hand, will treat the customer and a friend to a complimentary makeover as well as give a sample of their cleansing oil. These are just some of the offers this month for FSP members. Rustan’s FSP App is on the Apple Store and Play Store.

Food prices fall in June; cereal output seen slightly higher

REUTERS

ROME — World food prices fell for a third consecutive month in June, but remained close to record high levels set in March, the United Nations’ food agency said on Friday.

The Food and Agriculture Organization’s (FAO) food price index, which tracks the most globally traded food commodities, averaged 154.2 points last month versus a revised 157.9 for May. The May figure was previously put at 157.4.

Despite the monthly decline, the June index was still 23.1% higher than a year earlier, pushed up by the impact of the Russian invasion of Ukraine, concerns over adverse weather, strong global demand and high production and transport costs.

“The factors that drove global prices high in the first place are still at play,” said FAO Chief Economist Maximo Torero Cullen.

In separate cereal supply and demand estimates, the FAO raised its forecast for global cereal production in 2022 to 2.792 billion tons from a previously given 2.784 billion tons. This is still 0.6% short of the world output in 2021.

FAO’s cereal index dropped 4.1% from May, but was still up 27.6% year on year. FAO said June’s decline was driven by the seasonal availability from new harvests in the northern hemisphere, improved crop conditions in some major producing countries, and higher production prospects in Russia.

The vegetable oil price index fell 7.6% month on month, pushed down by seasonally rising output of major producing nations and the prospects of increased supplies from Indonesia.

The sugar index fell 2.6% from May, with slowing global economic growth weighing on demand. The meat index rose 1.7% in June, setting a new record high, while the dairy index jumped 4.1% month on month.

World milk powder prices increased on strong import demand and persistent global supply tightness.

FAO said its increased forecast for cereal output was largely driven by a 6.4-million-ton upward revision made to the coarse grain production estimate. The forecast for world cereal utilization in 2022/23 was also raised, up 9.2 million tons to 2.797 billion tons.

However, this still represented a 0.1% dip on 2021/22 levels, mostly reflecting expectations of lower feed use.

FAO estimated that world cereal stocks at the close of seasons in 2023 would total 854 million tons, up 7.6 million tons from last month’s forecast, but nonetheless a year-on-year decline of 0.6%. — Reuters

Lady Stags face winner between JRU, Lyceum

NUMBER three seed San Sebastian College Lady Stags — SYNERGY/GMA NETWORK, INC.

SAN Sebastian College – Recoletos (SSC-R) overpowered a hapless Letran, 25-15, 25-22, 27-25, on Sunday to claim the No. 3 seed in the stepladder semifinals of the 97th NCAA volleyball tournament at the Paco Arena.

The power-hitting duo of super rookie Katherine Santos and Reyann Cañete led the way with 15 hits each, some of which came in the third set when the Lady Stags had to overcome the Lady Knights’ last-ditch stand.

“We just showed faith in each other that we can do it,” said Ms. Cañete, whose team finished the elimination round with a 6-3 record.

SSC-R will tackle the winner between José Rizal University (JRU) and Lyceum of the Philippines University (LPU), currently tied at No. 5 with 4-4 marks, the final elimination round play date on Tuesday.

Idle Mapua is currently at solo No. 4 at the moment with a 5-4 slate but will be edged out for the last semis seat by either JRU or LPU due to higher quotient due the league implementing FIVB rules.

College of St. Benilde swept its way straight to the best-of-three finals with a pristine 9-0 record while Arellano University clinched No. 2 with a 7-2 card.

Letran put up a spirited fight late in the third set when it staved two match points.

But Mses. Santos, Cañete and a crucial hit by Bianca Ordona denied the Lady Knights’ bid to steal and set.

Earlier, the league rescheduled the non-bearing duel between University of Perpetual Help (2-6) and San Beda (2-6) on Tuesday. — Joey Villar

Stocks to move sideways ahead of US CPI report

PHILIPPINE STOCKS may move sideways this week as investors await the release of latest US inflation data, which may provide hints on the Federal Reserve’s next move, as well as local economic reports.

The benchmark Philippine Stock Exchange index (PSEi) went up by 9.50 points or 0.15% to close at 6,361.82 on Friday, while the broader all shares index rose by 5.37 points or 0.15% to 3,410.76.

Week on week, the PSEi jumped by 196.47 points or 3.19% from its close of 6,165.35 on July 1.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the market sustained its positive momentum last week.

“The sustainability of this rally is questionable, however, amid the lingering economic headwinds that may dampen sentiment. This includes the peso’s further weakening, and the supply problems of certain agricultural goods, both of which pose upside risks to inflation,” Mr. Tantiangco said in a Viber message.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the PSEi rose as part of a “relief rally” following hawkish signals from the Bangko Sentral ng Pilipinas (BSP) chief.

BSP Governor Felipe M. Medalla last week said the central bank is prepared to raise its policy rate by 50 basis points in their Aug. 18 meeting to keep inflation in check after the peso on Thursday breached the P56 level against the dollar to move closer to its record low.

Headline inflation reached 6.1% in June, the fastest in nearly four years. This brought inflation in the first half to an average of 4.4%, above the central bank’s 2–4% target but still lower than its 5% forecast for this year.

“The PSE also gained recently as US stock markets similarly gained to a near one-month high, as global market sentiment supported by China’s planned $220-billion economic stimulus mostly through infrastructure spending, as well as recent signals from Fed officials about a possible soft landing or preventing an economic contraction,” Mr. Ricafort added.

For this week, he said the market will monitor the release of US consumer price index (CPI) data and the Fed’s Beige Book on July 13, as this could give some hints on the US central bank’s future policy path.

“The situation in the financial markets would remain similar for as long as the Russia-Ukraine conflict drags on, in terms of relatively elevated global commodity prices and inflation,” Mr. Ricafort said.

He put the PSEi’s support for the week at the 6,000-6,100 range and resistance between 6,500 and 6,600.

Meanwhile, Philstocks Financial’s Mr. Tantiangco said aside from US inflation data, investors will also take cues from upcoming reports on Philippine foreign trade, foreign direct investments, and overseas Filipino remittances.

He placed the PSEi’s immediate support from 6,100 to 6,150 and resistance at 6,350 to 6,400. — J.I.DP. Tabile

Monde Nissin ends flat after Lucky Me! noodle brand recall

INVESTORS sold off Monde Nissin Corp. shares last week following the recall of some of its instant noodle product lines in some countries due to traces of antimicrobial pesticide ethylene oxide.

Data from the Philippine Stock Exchange (PSE) showed a total of 59.06 million Monde Nissin shares worth P794.20 million were traded from July 4 to 8, making the stock 11th most actively traded in the local bourse last week.

Shares in the food manufacturer finished at P13.04 apiece on Friday, unchanged from their July 1 close. Monde Nissin has lost 16.9% since the P15.70 finish on the first trading day of the year.

Analysts pointed out that the ban of Lucky Me! products in some countries dragged the share price of Monde Nissin and could affect its financial performance.

“We expect that this news will negatively affect investors’ sentiment toward the stock. First, the revenues from the countries imposing a ban will decline especially if they will not lift it soon. Second, since consumers were already aware of the situation, the demand for Lucky Me! noodles may drop as long as the ban remains,” Philstocks Financial Research Associate Claire T. Alviar said in an e-mail.

“On the upside, the negative sentiment may somehow be tempered once the Philippine food regulators assured the public that it is still safe to consume the said products,” she added.

“We think that this incident may cause anxiety among investors regarding the impact of this incident to the company’s sales and brand reputation. Hence, the sell-off we have seen in the past couple of days,” Philippine National Bank (PNB) Senior Equity Research Analyst Jonathan J. Latuja said in an e-mail.

The company made a statement after the Food Safety Authority of Ireland released last week a food alert regarding the recall of Lucky Me! Instant Pancit Canton Noodles Original Flavor with a best-before date of July 20 showing “unauthorized pesticide” ethylene oxide.

On Thursday, Monde Nissin said it was aware of the information being shared about some of its products in an ongoing recall in the European Union and Taiwan caused by the presence of the chemical, commonly used to treat spices and seeds to control microbial growth.

“Rest assured that all Lucky Me! products are Philippine FDA (Food and Drug Administration) registered and comply with local food safety standards and even the US FDA standards for ethylene oxide,” the company said.

Monde Nissin, a global food and beverages company based in the Philippines, has a portfolio of market-leading brands across fast-growing categories, including Lucky Me! noodles, SkyFlakes crackers, Fita crackers, Monde Nissin baked goods and Quorn meat alternative products. Its manufacturing plants in the country are located in Laguna, Cebu, and Davao.

Monde Nissin’s attributable net income went up by 4.4% to P2.33 billion in the first quarter from P2.23 billion a year ago.

Its consolidated revenues increased by 5.3% year on year to P18.45 billion due to the strong performance of the Asia-Pacific branded food and beverage (APAC BFB) domestic business.

“Once the demand for Lucky Me! noodles declines, this may significantly affect the financial performance of Monde Nissin particularly since its noodles segment contributes over 50% to its revenues,” Ms. Alviar said.

“We haven’t accounted for this yet in our forecasts and its potential impact on revenues, but as long as it will not affect the Philippine business (which accounts for more than 70% of Monde Nissin’s consolidated revenues), we think that topline impact could be minimal,” Mr. Latuja said.

PNB expects for 2022 that revenues for the APAC BFB segment of Monde Nissin to grow by 7% year on year. “We are more keen on the impact of inflation to the company’s margins and profitability,” added Mr. Latuja.

“Stock price movement will depend on any developments that will unfold regarding the product recall and how the Philippine regulator will respond to the issues raised by the overseas regulators. On the other hand, this can provide buying opportunities if the stock price continues to fall,” Mr. Latuja said.

“For next week, we are expecting a sideways movement but if it falls near the support level of P12.75, bargain hunting may start especially after its two-day decline by almost 10%. We pegged the psychological resistance at P14.00 then the next one is at P14.40-P14.50,” Ms. Alviar said. — L.O. Pilar

How PSEi member stocks performed — July 8, 2022

Here’s a quick glance at how PSEi stocks fared on Friday, July 8, 2022.

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